Securities markets were set to open Sunday night with no U.S. debt deal in place to calm investors.  This is the angle the news media were playing up, but it’s just a bunch of baloney. My guess, implied in today’s commentary, is that the markets will ignore the supposed deficit “crisis”  this week much as they ignored it last week — i.e., by cruising blithely higher.

In the meantime, don’t believe there’s a real crisis brewing over the debt-limit, which is just a side-issue.  It’s just the news media doing what they do best:  going off the deep end with drummed-up scare stories because they’re too stupid and too lazy to report on substantive issues. Democrats and Republicans will ultimately find a way to compromise away the real issues and nothing will have changed. Only the coming Great Financial Collapse can do that — and don’t be surprised when the mainstream media tries to tell us that “no one”  saw it coming.